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Xi denies hard landing threat

Thursday, October 22, 2015 - 01:41

As Chinese president Xi Jinping's UK tour comes to a close, and with billions of pounds worth of deals in the bag, he'll be heading home to increasing concerns over how the Chinese slowdown is hitting Asia. Ciara Lee reports.

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A fond farewell after a grand state visit. Chinese President Xi Jinping heads for final talks with Britain's David Cameron. With a landmark nuclear deal agreed, and billions of pounds worth of other contracts in the pipeline, it's been a success for Cameron who sees Britain as the Western gateway for Chinese investment. Other deals included a 10 billion dollar liquefied natural gas supply arrangement between BP and China's Huadian. A 2.6 billion pound deal with Carnival Corp to make new cruise ships. And a 1.4 billion pound tie-up between Rolls-Royce and HNA Group. But not everyone is convinced. BGC Partners Mike Ingram. (SOUNDBITE) (English) MIKE INGRAM, MARKET STRATEGIST, BGC PARTNERS, SAYING: "I have general concerns about ceding such control to any one entity, be it one government or a company. I think there is probably too much concentration of various industries globally." Many British business leaders though say the rise of China is hard to ignore - but it's not all golden for Xi. With his economy slowing, he's been forced to insist there will be no hard landing. Xi said the world's second largest economy had entered a "new normal" and predicted continued growth rates of around seven percent. (SOUNDBITE) (English) MIKE INGRAM, MARKET STRATEGIST, BGC PARTNERS, SAYING: "The foretaste of China's economic problems or stresses on the currency alignment that we saw in August are going to resurface. I think the move that we saw then is nowhere near enough to successfully rebalance the economy." The slowdown in China is also sucking the growth out of North Asia and pushing some economies towards recession. Japan's exports have grown at their slowest rate in a year. And export-reliant Singapore narrowly missed a third-quarter recession.

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Xi denies hard landing threat

Thursday, October 22, 2015 - 01:41